Baku, Azerbaijan, Jan. 26
By Seymur Aliyev - Trend:
Azerbaijan's Central Bank (CBA) offers to introduce a collective lending system, said Elman Rustamov, the CBA chairman.
In case of introduction of a collective lending system, accountability will rise and the control over the proper spending will be strengthened, he said Jan. 26 in Baku.
Rustamov further emphasized the need for creation of a mechanism to insure the main types of agriculture products.
"If the price of the products in the United States, for example for grain falls below its prime cost, the state buys it. A similar mechanism has to be worked out [in Azerbaijan]," said Rustamov.
Currently, 42 banks operate in Azerbaijan.
CBA earlier said Azerbaijani banks issued loans worth 18,744.3 million manats as of Dec. 1, 2015, including 10,893.1 million manats (58.1 percent) in national currency, and 7,851.1 million manats (41.9 percent) in freely convertible currency.